Deyaar Development PJSC Beneish M-Score Historical Data
The historical data trend for Deyaar Development PJSC's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Deyaar Development PJSC Beneish M-Score Chart
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Deyaar Development PJSC Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.18 |
-2.49 |
-2.52 |
-2.27 |
-2.68 |
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Deyaar Development PJSC Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.27 |
-2.17 |
-2.86 |
-2.87 |
-2.68 |
Competitive Comparison of Deyaar Development PJSC's Beneish M-Score
For the Real Estate - Development subindustry, Deyaar Development PJSC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Deyaar Development PJSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Deyaar Development PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Deyaar Development PJSC's Beneish M-Score falls into.
Deyaar Development PJSC Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Deyaar Development PJSC for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.7417 | + | 0.528 * 0.9369 | + | 0.404 * 0.9058 | + | 0.892 * 1.2061 | + | 0.115 * 0.7716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9134 | + | 4.679 * -0.015193 | - | 0.327 * 0.9717 |
| = | -2.68 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was د.إ751 Mil.
Revenue was 472.279 + 376.11 + 336.557 + 327.848 = د.إ1,513 Mil.
Gross Profit was 166.213 + 121.545 + 110.186 + 107.493 = د.إ505 Mil.
Total Current Assets was د.إ3,967 Mil.
Total Assets was د.إ6,947 Mil.
Property, Plant and Equipment(Net PPE) was د.إ556 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ22 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ135 Mil.
Total Current Liabilities was د.إ1,218 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ416 Mil.
Net Income was 145.562 + 139.8 + 115.7 + 72.96 = د.إ474 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 69.618 + 149.706 + 243.63 + 116.62 = د.إ580 Mil.
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Total Receivables was د.إ840 Mil.
Revenue was 314.485 + 310.871 + 316.393 + 312.539 = د.إ1,254 Mil.
Gross Profit was 91.726 + 107.502 + 91.617 + 101.777 = د.إ393 Mil.
Total Current Assets was د.إ3,470 Mil.
Total Assets was د.إ6,565 Mil.
Property, Plant and Equipment(Net PPE) was د.إ565 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ17 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ122 Mil.
Total Current Liabilities was د.إ1,038 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ551 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (751.461 / 1512.794) | / | (840.019 / 1254.288) |
| = | 0.496737 | / | 0.669718 |
| | = | 0.7417 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (392.622 / 1254.288) | / | (505.437 / 1512.794) |
| = | 0.313024 | / | 0.334108 |
| | = | 0.9369 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3966.564 + 555.516) / 6947.486) | / | (1 - (3469.581 + 565.232) / 6564.869) |
| = | 0.349106 | / | 0.385393 |
| | = | 0.9058 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1512.794 | / | 1254.288 |
| | = | 1.2061 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (17.109 / (17.109 + 565.232)) | / | (21.989 / (21.989 + 555.516)) |
| = | 0.02938 | / | 0.038076 |
| | = | 0.7716 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (134.532 / 1512.794) | / | (122.119 / 1254.288) |
| = | 0.088929 | / | 0.097361 |
| | = | 0.9134 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((415.819 + 1217.96) / 6947.486) | / | ((551.093 + 1037.602) / 6564.869) |
| = | 0.235161 | / | 0.241999 |
| | = | 0.9717 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (474.022 - 0 | - | 579.574) | / | 6947.486 |
| | = | -0.015193 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Deyaar Development PJSC has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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